|Purpose||For the working capital/any business purpose requirements of the business concern.
And also, for the construction of shop in the pre-owned land or for purchase of ready built shop/ commercial space for business
(Borrowers satisfactorily engaged in trading/ business activity for a period atleast 1 year prior to seeking credit under the scheme and having earned cash profit during the period )
|Quantum of Finance||Minimum: Rs 5 lacs,
Maximum: Rs 500 lacs. (For purchase/construction of shop maximum finance is Rs 200 lacs)
(With deviations maximum finance can be upto Rs 1000 lacs)
|Quantum of Finance is subject to||
|Rate of Interest||WCTL repayable upto 5 years: 1 year MCLR + 2.25%
TL repayable upto 10 years: 1 year MCLR + 2.75%
For Overdraft facilities: 1 year MCLR + 2.00%.
Note: For loan/limit above Rs 500 lacs, applicable rate of interest shall be 50 bps over the above mentioned rates.
|Processing charges:||For TL/WCTL facilities: @1% of the loan amount with Minimum of Rs.2000/-
For Overdraft Facilities: @ 0.50% of limit sanctioned and to be collected on sanction and at the time of renewal every year.
Concessions during Festival Bonanza Scheme from 21.09.2017 to 31.03.2018: For TL/WCTL facilities: Concession of 50% on the applicable processing charge, For Overdraft facilities: Concession of 50% on the applicable processing charge on the limit sanctioned at the time of sanction only. However, the normal processing charge (i.e. without the above said concession) shall be applicable at the time of renewal every year.
|Repayment||Term Loan:Repayable in maximum upto 10 years, including moratorium period of maximum of 12 M
Working Capital Term Loan: Repayable in maximum upto 5 years, subject to annual review.
Overdraft Facility: Repayable on demand. Interest shall be recovered immediately when due.
|Guarantee||Personal guarantee of owners of property, spouse/ major son of prop., directors/partners|
|Concession in ROI for MSMEs Only||
- Fri, December 13-2019